Arch rivals Manchester City and Manchester United will face each other in the tie of the FA Cup third round.
United will make the trip to Etihad Stadium looking to avenge October's 6-1 drubbing at the hands of City.
Elsewhere, Arsenal meet Leeds, Bristol Rovers will host Aston Villa while in-form Tottenham face Cheltenham Town.
Non-league Tamworth travel to Everton, Wrexham face Brighton and Fleetwood will play Blackpool if they beat Yeovil in a replay.
The clash of Manchester giants City and 11-time FA Cup winners United is the stand out tie of the draw - with the teams sitting first and second, respectively in the Premier League table.
The Manchester neighbours met in the FA Cup semi-finals last season at Wembley with Roberto Mancini's side winning 1-0 before they went on to reach their first final in 30 years and triumphed 1-0 against Stoke.
The clubs have only met once in the FA Cup at Manchester City's home ground - back in 1954/55 when the home side won 2-0 in a fourth-round tie at Maine Road.
The tie was one of only two all-Premier League affairs to emerge from Sunday's draw, with Newcastle hosting Blackburn in the other.
Chelsea manager Andre Villas-Boas's first taste of the FA Cup will come at home to Championship side Portsmouth, who won the FA Cup in 2008, beating Cardiff 1-0 in the final.
Martin O'Neill's first FA Cup tie in charge of Sunderland will come at Championship club Peterborough, while Stoke manager Tony Pulis returns to one of his former clubs at League Two Gillingham.
Peterborough director of football Barry Fry said: "I am absolutely delighted, it is a great draw. It should be a sell-out and with Martin O'Neill going there it gives us half a chance of being on TV."
Ferguson added: "It will be a full house, they are a Premier League club and it is a tie we can look forward to."
Liverpool must await the outcome of the second-round replay between Southend and Oldham to discover their opponents. Neil Warnock's QPR face a tricky-looking visit to MK Dons who are pushing for a promotion to the Championship next season.
Blue Square Bet Premier Tamworth will be happy with a lucrative trip to Premier League Everton while Wrexham's reward for a stunning 1-0 win at League One Brentford is a tie against Brighton & Hove Albion.
Nottingham Forest will host Leicester in an east Midlands derby and Birmingham and Wolves meet at St Andrew's in a west Midlands derby. There is definitely one all-London tie after Fulham and Charlton were paired together.The FA Cup with Budweiser Third Round draw
Middlesbrough v Shrewsbury
Nottingham Forest v Leicester City
Manchester City v Manchester United
Dagenham & Redbridge/Walsall v Millwall
Crawley v Bristol City
Doncaster v Sutton Utd/Notts County
Bristol Rovers v Aston Villa
Tottenham v Cheltenham Town
Sheffield Wednesday v West Ham
Milton Keynes Dons v QPR
Hull City v Ipswich Town
Coventry v Southampton
Brighton v Wrexham
Fulham v Charlton Athletic
Birmingham v Wolves
Norwich v Burnley
Arsenal v Leeds United
Derby v Crystal Palace
Fleetwood/Yeovil v Blackpool
Swindon v Wigan
Barnsley v Swansea
Chelmsford/Macclesfield v Bolton
Newcastle v Blackburn
Everton v Tamworth
Sheffield United v Salisbury City/Grimsby
Liverpool v Southend/Oldham
Gillingham v Stoke
Chelsea v Portsmouth
Watford v Bradford
Peterborough v Sunderland
West Brom v Cardiff
Reading v Stevenage
Ties to be played 7-8 January 2012
